West Midlands-based credit union 6 Towns has moved all of its marketing online using social media after seeing its membership shift to a younger demographic.
Two years ago, the credit union reviewed its marketing activity, which used an extensive, time-consuming physical presence in the community to increase membership growth.
But when it became more active on social media, it saw a rapid shift in its membership demographics – which means 80% of new members are under 40 and even more aged under 50.
As a result, social media is now 6 Towns’ preferred method of informing existing and potential members about its services.
In the past 12 months, figures show that 96% of the credit union’s new members now join online – while 99% of loan applications are done the same way.
A Facebook page and YouTube account were set up and now the credit union tries to be as active as possible by posting videos to Facebook so members feel better connected and other credit unions can access their output and find inspiration.
Business development manager Malcolm Keyte said: “I have long been aware that traditional marketing methods no longer have the same impact that they did 10 years ago. We now require a greater understanding of social media and online marketing to engage with younger members and attract millennials.
“There are huge benefits of being active on social media: I can gather important statistics about our marketing through data analytics which gives me all information I need to position future marketing efforts.
“A word of warning, though: social media is not a 9-5 job and does require someone to post early morning or in the evening to get the full impact.”